Lululemon founder Chip Wilson resigned as chairman last year after his half-apology over the company’s transparent yoga-pant debacle led to a public relations firestorm. Executives told Wilson, a major shareholder, that he had a fiduciary duty to refrain from public comments about the brand going forward.
So much for that idea. Yesterday the brash billionaire published a letter criticizing management as having “lost its way.” Competitors such as Nike and Under Armour are chipping away Lululemon’s “athleisure” dominance, Wilson argues, and the current leadership and board are to blame.
Lululemon will report its quarterly earnings next week.
[Photo: via Lululemon]